In the first three quarters, the market stagnated as a result ofthe almost 10% decline posted on the life insurance segment.
The insurance market is set to end this year with a 4-5% increaseand will witness a similar growth pace in 2010 as well, statedAngela Toncescu, chairperson of the Insurance SupervisionCommission (CSA).
Still, as the market stagnated in the first nine months of thisyear, insurance firms should recoup a lot in the fourth quarter toget to a 4-5% increase for the entire year.
"In the first nine months of this year, gross underwritten premiumsreached 6.7bn RON, posting insignificant growth considering thetwo-digit growth rates of passed years. We could have a 4-5% thisyear and the increase is remarkable taking into account factorssuch as the economic downturn or RON decline," Toncescustated.
Radu Mustatea, chairman of Astra Asigurari, one of the largestfirms on the general insurance market, says the biggest threat fornext year would be RON depreciation. "Still, I expect one-digitgrowth next year, at the level of the entire market," saysMustatea.
General insurance had a better performance this year than lifeinsurance, which went through a wave of policy cancellations, CSAchairperson also said.
According to the latest data available, over 60,000 Romanians havegiven up their life insurance policies this year.
Cornelia Coman, general manager of ING Asigurari de Viata, thebiggest life insurer, states the volume of redeemed policiesstarted falling from the start of the year level. " (...) What wecan do, with CSA and the Government, to bolster market developmentin the following period is to introduce fiscal deductibility forlife insurance as well," Coman said.
Florentina Vizinteanu, general manager of BCR Asigurari de Viata,ranking third on the market, expects the segment to rise nextyear.
The life insurance segment accounts for just 20% in the overallmarket.
Mihai Seitan, a secretary of state with the Labour Ministry,pointed to the importance of reforming the state health insurancesystem after the model of private pensions.
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